Inheritance Tax Planning Solicitors

With our inheritance tax planning service, you can secure your legacy with minimal tax burdens. Enjoy straightforward, effective advice tailored to your unique circumstances so your loved ones can benefit from your hard-earned assets.

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What is Inheritance Tax?

Inheritance Tax (IHT) is a tax on a recently deceased person’s estate, including all property, possessions, and money. In the UK, estates worth over £325,000 are subject to a 40% Inheritance Tax.

However, there are some exceptions and allowances to this rule.

Exceptions and Allowances to Inheritance Tax in the UK

  • If more than 10% of the estate is left to charity, the IHT rate drops to 36%.
  • The Residence Nil-Rate Band can allow for an extra £175,000 tax-free per person to be passed on if certain conditions are met.
  • Business Relief can take between 50% and 100% of your IHT tax bill under specific circumstances.
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Help with Inheritance Tax Planning

Why Should I Get Help with Inheritance Tax Planning?

Consider legal assistance with Inheritance Tax Planning to ensure that the IHT paid on your estate is as low as legally possible and that your beneficiaries receive the absolute maximum. 

Professional legal assistance surrounding IHT planning will also help you understand the tax laws that affect your estate in the event of your passing. You can use reliefs and exemptions that you may not otherwise know about, and you can even set up a trust to make lifetime gifts and charitable donations through your estate.

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Inheritance Tax Planning Cost

How Much Does Legal Help for Inheritance Tax Planning Cost?

The cost of Inheritance Tax Planning varies depending on the size of your estate and what you want to achieve with it. At Spencer Churchill, we offer clear, competitive pricing that can be tailored to your specific situation.

Get in touch today for a FREE, no-obligation consultation, and we can provide an accurate cost estimate.

Do You Pay Inheritance Tax on an Estate You Inherit?

Yes, Inheritance Tax is often paid out of the deceased’s estate before the beneficiaries receive anything, and this is the responsibility of the will’s executor.

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Inheritance Tax on a Monetary Gift

Do I Pay Inheritance Tax on a Monetary Gift Received During the Donor's Lifetime?

Any monetary gifts received during the donor’s lifetime may be subject to IHT if the donor passes away within seven years of making the gift. These are called Potentially Exempt Transfers (PETs) and include some exemptions, including a £3,000 annual gift allowance and some small gift exemptions that reduce the amount of IHT paid.

Inheritance Tax Disputes and Appeal Representation

If you’re in dispute with HMRC over an IHT decision, we can represent you in negotiations and Tax Tribunals, helping you resolve your disputes efficiently and reducing the financial and emotional impact during this delicate time.

Why Choose Spencer Churchill?

We’re the go-to solicitors for expert IHT planning services. Why? Because our experienced team offer clear, jargon-free advice tailored to your circumstances.
We’ll work closely with you to make sure your estate is managed in the best possible way and that your loved ones are protected to the fullest extent of the law.

Inheritance Tax FAQs

There are several trusts that can be used during IHT planning that serve different purposes, including:

  • Discretionary Trusts
  • Asset Protection Trusts
  • Family Protection Trusts
  • Property Fragmentation Trusts

Also known as the nil-rate band, the Inheritance Tax threshold is currently set at £325,000 in 2024. If the total value of your estate exceeds this, a 40% IHT rate is charged. This can be reduced if a percentage of your estate is left to a charity of your choice.

Strategic gifting can reduce your IHT burden by reducing the overall value of your estate. For example, if you pay up to £3,000 tax-free each year, you are eligible for some small exemptions on your estate.

If the Inheritance Tax bill on your estate is not paid within the six-month deadline of your passing, HMRC will charge interest on the overdue amount. This will also result in the estate not being fully settled, and delays in beneficiaries receiving their inheritance.

Valuing an estate for IHT purposes involves calculating the total sum of all assets, such as property, possessions, and money, at the date of death. All debts and liabilities are deducted from this total, giving you the net value of your estate and how much IHT should be paid on it.

Charitable giving can have a major impact on an Inheritance Tax bill. For example, if you leave 10% or more of your estate to charity, the IHT rate on the rest is reduced to 36% from 40%.

Any donations to UK charities are exempt from IHT, helping you decrease the taxable value of your estate.

Yes, you can use a trust to provide for vulnerable or disabled family members without the threat of taxation. This ensures their needs are met without directly inherited assets and potentially taxed. Trusts offer a means to manage and protect funds until a beneficiary can responsibly handle them.

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